Over $100B Gone From Crypto Markets as Altcoins Get Obliterated: Market Watch
Main Idea
Bitcoin's failure to surpass the $120,000 resistance led to a significant drop, dragging down altcoins and reducing the overall crypto market cap by over $100 billion.
Key Points
1. Bitcoin fell toward $116,000 after failing to overcome the $120,000 resistance, losing traction after a recent ATH above $123,000.
2. Altcoins like XRP, DOGE, XLM, HBAR, and PEPE saw double-digit losses, with APT dropping 16% daily.
3. ETH remained relatively stable around $3,600, while BNB lost over $40 from its peak above $800.
4. The total crypto market cap dropped by over $100 billion, now standing at $3.9 trillion.
5. Bitcoin's dominance over altcoins decreased from over 63% to 59% within a week but has since increased by more than 1%.
Description
Bitcoin’s inability to overcome the $120,000 resistance resulted in another nosedive over the past 12 hours or so, as the asset fell toward $116,000. While that might be somewhat worrisome, the altcoins have charted even more substantial losses, with multiple double-digit losers such as XRP and DOGE from the larger caps. Alts Crash The alternative coins were flying high for a few weeks, which sparked speculation whether the much-anticipated altseason had finally started. After registering massiv...
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